Gannett Reports Declines in Third Quarter Financial Results

McLean-based Gannett Co., Inc. (NYSE: GCI), continued to post declines across several categories in its financial results as its print publishing business continues to falter.

The owner of USA Today reported net operating revenues of $1.27 billion in the third quarter ended September 25, 2011, a year-over-year decrease of 3.5 percent from the $1.31 billion in 2010.

Print publishing advertising led the decline falling 8.5 percent to $591.7 million. Digital revenues continued its positive trend increasing 10.3 percent to $173.9 million.

The company which also broadcasts from local TV station WUSA9 reported a 1.6 percent decline in net income that amounted to $99.8 Million attributable to Gannett or $0.41 cents per diluted share.

The company had cash of $196.0 million at the end of the quarter.

Gannett is currently trading near its 52-week low of $8.28. The stock was down as much as $-1.09 from its previously close in Monday trading. The price per share is currently $10.01 with a day range between $9.85 and $10.85.

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